In December 2019, the VeChain Foundation’s security was breached, and hackers siphoned $6.5 million in VET. Commenting on the hack, the foundation said: “We have narrowed down the possibilities enough to lead to a highly probable theory. The security breach was most likely due to the misconduct of one of the team members within our finance team.”
Data from Coinmarketcap indicate that damage was also done outside the VeChain Foundation. For instance, the VET’s price on December 06, 2019, was at $0.00691 and a market capitalization of $386 billion. On Dec 13, when VeChain news hit the crypto market, the uptrend forming shifted direction to start a decline. VeChain traded at a high of $0.0059 on Dec 14 with a market cap of $304 billion, a price range it kept up to Dec 21. However, things changed in 2020 when VET’s bullish social engagements increased.
For example, on May 28, 2020, VeChain’s social engagements, measured by LunarCRUSH, increased by over 4.4 million, eclipsing those recorded on April 7 of 2.2 million. With crypto prices being driven by social chatter and partnerships, an explosion of social engagements was a sure way to send the VeChain (VET) to the moon.
Unfortunately, in June, the metrics changed and VET seemingly lost its hold among altcoins. For example, it moved from position one to 73 according to LunarCRUSH, based on shares, likes, retweets, comments, among other metrics. Fortunately, the coin is still pushing to regain its yearly high of $0.0107. Currently, VeChain is trading at $0.00885 and has a market capitalization of $502,958, 833. Also, VeChain has a total circulating supply of 55.45 billion VET and a total supply of 86.71 billion VET. Will the coin regain its $0.01 crown or better? How much will VET be worth in five years?
In this VeChain price prediction, we take a look at how much VET is expected to gain or lose between now and 2026. Also, are there events or partnerships that are likely to catalyze a price increase? Is VET a good investment? But, first things first.
What is VeChain as a blockchain project?
VeChain is among the leading blockchain projects in terms of usage. Initially, the platform was called VeChain (VEN) but was later changed to VeChainThor (VET). The platform is built with supply chain management at its core.
This has helped it attract partnerships from leading firms seeking to streamline their activities on their supply chains. One such firm is Bayer China, a leading pharmaceutical company. Bayer chose the blockchain project to power CSecure, a blockchain-based platform to track drugs at various waypoints. Other leading firms that have chosen to develop their projects on VeChain are Walmart China, and PwC, one of the world’s leading accountancy firms. To adequately power supply chains, VeChain Identity (VID) technology allows manufacturers to assign distinct identities through asset digitization.
VeChain price prediction for 2020
Due to the volatility of cryptocurrency prices, there’s no guarantee that a future price will be attained. However, the volatility, notwithstanding, cryptocurrency experts and websites have used technical analysis, previous price movements, and other metrics to forecast the price of VeChain (VET).
Popular VET price prediction websites are:
By applying polynomial and linear regressions on VET’s historical data, TradingBeasts forecasts that VeChain will close the year changing hands at an average of $0.01015 in December 2020. Also, the price has the likelihood of reaching a high of $0.01269 in the same month.
#2 Wallet Investor
This cryptocurrency price prediction website is bullish on the short term price of VeChain. A look at its July 2020 predictions indicate that VET will reach a maximum of $0.0112 with minimums hovering around $0.008.
The website forecasts that VeChain will face resistance at $0.00916, $0.00943, and $0.00966. VET’s price will also find support at $0.00866, $0.00843, and $0.00816.
This site has an overly bullish VET prediction for 2020. The website puts VeChain at $2.58 before the sun sets on 2020.
Through its deep learning processes, the platform predicts a bearish curve as we get deeper into 2020. For example, in July, the site gives the best possible price of $0.00941 at the begining of June only for the cryptocurrency to close the month at $0.00576.
Gov.capital projects that this decline will continue for the rest of the year, forcing the coin to change hands at a best price of $0.00304 on December 31, 2020.
Unlike Gov.capital, Digital Coin Price is bullish on the VeChain (VET) price. In July, crypto investors will buy VET at an average price of $0.01550, with the price projected to increase to $0.02086 in December 2020.
VeChain price prediction – 2021, 2022, 2023
Beyond 2020, VET is projected to continue with its bullish momentum. In 2021, Cryptoground forecasts that VeChain investors will buy the coin at $4.10. Although anything is possible in the cryptocurrency circle, such a high price is likely unachievable within the set time frame, considering that VeChain’s current price is $0.0088.
#1 Digital Coin Price
Has an optimistic prediction that puts VeChain’s price at between $0.0189 and $0.02637 in 2021. In 2022, the platform forecasts a VET: USD ratio might be 1:0.02656 towards the end of 2022, with the best average price in the year stagnating at 0.03041 USD. Digital Coin Price expects VeChain (VET) to continue with the uptrend to close 2023 at $0.03449.
TradingBeasts is not as bullish and puts the price VeChain at an average of $0.01188 by the end of December 2021, $0.01456 in December 2022, and $0.01710 in December 2023.
#3 Mega Crypto Price
MCP has a bullish prediction putting the price of VeChain at $0.26 and $0.61 towards the end of 2021 and 2023, respectively.
A three-years price forecast by Smartereum is the most bullish putting VET at 75 USD by 2023.
VeChain (VET) price prediction – 2024, 2025, and 2026
Those looking to buy, hold, and sell in the next four, five, or six years will have a considerable profit if VeChain price predictions are anything to go by.
In 2024, Digital Coin Price forecasts VeChain will have an average increase of 300 percent to reach $0.0378. In 2025, the highest VET price will be $0.04334 in September, representing a 388.25 percent increase. The site forecasts that the price of VeChain will maintain the upward trajectory to reach $0.04631 in November 2026 and close the year trading at $0.04382.
Other long term VeChain price predictions are overly optimistic, putting the coin’s price at around $70 in five years while others project a rate of 0.1 USD in 2025.
Frequently asked questions – VeChain FAQs
Will VeChain reach $1?
While predicting that a Bitcoin (BTC) bull run is on its way, Simon Dedic, the co-founder of Blockfyre, a virtual currencies firm, indicated that established altcoins including VeChain would tag along although the gains will be not felt across the cryptocurrency market. Although Dedic did not give any timelines, he predicted that VET would reach $1, an increase of approximately 14,000 percent.
Considering that this will happen only when Bitcoin reaches $150,000, it may take time since Bitcoin price is oscillating at around $9,000.
Will a VeChain hit $10?
Well, with some VeChain price forecasts holding that VeChain can reach $75, it’s by default that it will have attained $10 first. However, the entire cryptocurrency market needs to have gained over 140,000 percent from its current valuation. This means the king crypto should be trading at a BTC: USD ratio of 1: 12,600,000. This is likely to take decades.
Does VeChain have a future?
Yes. Significant reasons why VeChain has a future and probably a good investment include:
It looks beyond the supply chain market
As mentioned earlier, the VeChain project focuses on bringing traceability and transparency in the supply chain industry. However, the project is tapping into other areas, such as competing with Ethereum for a decentralized application platform.
It’s supported by a strong foundation
VeChain is supported by the VeChain Foundation, which handles the research and development of the platform and fishing for partnerships.
Has solid partnerships
As stated earlier, reputable firms have pledged to work with VeChain to track their goods ranging from drugs for foodstuff. Additionally, these partnerships involve international companies such as BMW, DNGV GL, Bayer, and PwC. As such, it’s evident that the blockchain project is here to stay and is working towards an even brighter future for everyone.
From developers to marketing officers, the VeChain team has been in the cryptocurrency industry for a considerable amount of time, enabling them to deliver top of the range products with real-world use cases.
Academic backing from Oxford University
VeChain partnered with Oxford University. Instead of developing applications on the blockchain platform, the university will assist in technologically developing the platform. In the collaboration, Oxford is tasked with developing proof mechanisms that would help VeChain’s future growth. The university’s researchers will also contribute to the development of the proofs used on the platform’s smart contracts. With a reputable academic backing, more firms are likely to shift their projects on VeChain due to its robustness.
It’s a project-in-progress
While this can be seen as a challenge, it can also be a path to make the platform great. Since the project is not complete, new changes can easily and quickly be implemented, helping it compete better with other similar platforms.
The above VeChain price prediction is divided between bullish and overly bullish projections. A critical look at the Bitcoin market’s current conditions and other cryptocurrencies reveals that it’s unlikely VeChain will go beyond the $0.02 mark in 2020. But, if the crypto market witnesses a bull run before the year ends, it’s likely VeChain will trade at above $0.01 by the end of 2020.
Between 2021 and 2023, VeChain is likely to maintain an uptrend and trade between $0.03 and $0.06. In five years, it’s expected VeChain partnerships will be live consequently showcasing the power of VeChain. In turn, the platform will possibly attract more partnerships and activity. With VeChain’s team expertise and a focus on the project’s vision, VeChain price is likely to reach new heights. This may be the time it reaches Dedic’s price of $1.
With crypto predictions making use of technical analysis, historical data, and other metrics, forecasts should not be used to base a decision to buy cryptocurrencies.